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Robert Reich

Note to Obama: Shoot First, Compromise Later

Robert ReichNov 13, 2012
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(AP Photo/Jae C. Hong, File)

I hope the president starts negotiations over a “grand bargain” for deficit reduction by aiming high. After all, he won the election. If the past four years have proved anything, it’s that the White House should not begin with a compromise.

Assuming the goal is $4 trillion of deficit reduction over the next decade—that’s the consensus of the Simpson-Bowles Commission, the Congressional Budget Office, and most independent analysts—here’s what the president should propose:

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Why Obama Needs to Restart the Conversation on the Economy Now

Robert ReichNov 08, 2012
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When the applause among Democrats and recriminations among Republicans begin to quiet down—probably within the next few days—the President will have to make some big decisions. The biggest is on the economy.

His victory and the pending “fiscal cliff” give him an opportunity to recast the economic debate. Our central challenge, he should say, is not to reduce the budget deficit. It’s to create more good jobs, grow the economy, and widen the circle of prosperity.

The deficit is a problem only in proportion to the overall size of the economy. If the economy grows faster than its current 2 percent annualized rate, the deficit shrinks in proportion. Tax receipts grow, and the deficit becomes more manageable.

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Governors' Races: No Silver Lining for GOP

Abby RapoportNov 07, 2012
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(Flickr/Joelk75)

Given how little Republicans have to celebrate today, it might be tempting for the more enthusiastic conservatives to sip at least a little champagne over gubernatorial dominance. While races for the top state job in Montana and Washington remain too close to call, Republicans successfully captured North Carolina’s governor’s mansion. That means of the 50 state governors, at least 30 will be Republicans next year; only 18 will be Democrats. It’s a remarkably high number—but it sure ain’t as high as the Grand Old Party was hoping.

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Higher Taxes Hurt Job Creators? That's Malarkey.

Robert ReichOct 29, 2012

As we go into the final days of a dismal presidential campaign where too many issues have been fudged or eluded—and the media only want to talk about is who’s up and who’s down—the biggest issue on which the candidates have given us the clearest choice is whether the rich should pay more in taxes. 

President Obama says emphatically yes. He proposes ending the Bush tax cut for people earning more than $250,000 a year, and requiring those with high incomes to pay in taxes at least 30 percent of any income over $1 million (the so-called “Buffett Rule”).

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How January's Fiscal Cliff Turns into a Gentle Hill by February

Robert ReichOct 15, 2012

Regardless of what happens on Election Day, at the beginning of next year more than $600 billion in tax increases and spending cuts automatically go into effect. That’s equivalent to about 5 percent of the entire U.S. economy—more than the projected growth of the whole gross domestic product next year.

The problem is, if we fall off this fiscal cliff, we plunge into recession. That’s because the cliff withdraws too much demand from the economy too quickly, at a time when unemployment is still likely to be high.

The Congressional Budget Office projects real economic growth will drop at an annual rate of 2.9 percent in the first half of 2013, and unemployment will rise to 9.1 percent by the end of next year.

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Memo to Joe, Re: Debate

Robert ReichOct 11, 2012

TO: VPOTUS

FROM: Robert Reich

RE: Debate

Beware: Paul Ryan will appear affable. He’s less polished and aggressive than Romney, even soft-spoken. And he acts as if he’s saying reasonable things.

But under the surface he’s a right-wing zealot. And nothing he says or believes is reasonable—neither logical nor reflecting the values of the great majority of Americans.

Your job is to smoke Ryan out, exposing his fanaticism. The best way to do this is to force him to take responsibility for the regressive budget he created as chairman of the House Budget Committee.

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The Politics of the Jobs Report

Robert ReichOct 05, 2012

The White House is breathing easier this morning. The Bureau of Labor Statistics reports the unemployment rate dropped to 7.8 percent—the first time it’s been under 8 percent in 43 months.

In political terms, headlines are everything—and most major media are leading with the drop in the unemployment rate.

Look more closely, though, and the picture is murkier. According to the separate payroll survey undertaken by the BLS, just 114,000 new jobs were added in September. At least 125,000 are needed per month just to keep up with population growth. Yet August’s job number was revised upward to 142,000, and July’s to 181,000.

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The First Presidential Debate

Robert ReichOct 04, 2012

In Wednesday night’s debate, Romney won on style while Obama won on substance. Romney sounded as if he had conviction, which means he’s either convinced himself that the lies he tells are true or he’s a fabulous actor.

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